The Dogecoin is a curious beast, all its own. It was founded back in 2013, based on an internet meme of that same year. The idea behind it was more of a joke, and morbid curiosity of how far it could go. Much to the owner’s surprise, it went quite far, indeed.
Market Manipulation Of A Meme
Now, however, Dogecoin has seen a very eerie shift in the market. A group of teenagers, using the controversial TikTok platform, has managed to pull outright market manipulation on the Dogecoin, using their influence to shoot the price up. This, according to Noelle Acheson, is a cause of great concern. Most of these people, being led by a platform well known for its young population, don’t even understand what a cryptocurrency is, merely calling it a “stock” in their many videos advocating its purchase. It’s market manipulation to a blatant degree, and it’s a troubling sight to behold
According to Acheson, this is a testament and a symptom to a very alarming fact: The trust in markets at large is broken, and there are no two ways about it.
Coins And Stocks Turning To Gambling Options
Through a newsletter she dubbed “Crypto Long & Short,” Acheson stated that the newer generation of investors is a strange breed entirely. She noted that these investors liken markets to meaningless Bitcoin casinos, advertising to the world at large that manipulation is very much possible to earn a quick buck. With this sort of sentiment now, Acheson puts into question what they will do when they get older, if these are the building blocks of their investment career.
Acheson put further question in to what actual facts mean when people interpret value these days, as fundamentals don’t seem to have much meaning, anymore. Acheson stated that it’s become clear that rules are thrown out the window in some of these cases, or blatantly rewritten. As such, she warned that this strange era could be a phase of creative destruction, which brings in a new wave of innovation, in turn. With this innovation wave, new assets can be developed, and new portfolio types in turn.
Lack Of Trust Due To Lack Of Reason
Acheson showed concern in regards to how the price logic currently has an untethered nature for it. Particularly, they warned how vicious it is if you’re caught in the transition of a creative destruction cycle. With these rampant levels of uncertainty, Acheson stated that trust is falling, and progress can’t happen if there’s a complete lack of trust.